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Investigation - USA - SEC Subpoenas General Motors
More job cuts and plant closings coming to GM
NY,USA -Reuters -27 Oct 2005: -- The Securities and Exchange Commission has subpoenaed General Motors as it investigates accounting practices at the largest U.S. automaker, Reuters reported on Wednesday evening. The Feds are investigating how GM accounted for a series of transactions between itself and supplier Delphi Corp., which has since sought Chapter 11 relief in the U.S. Bankruptcy Court in New York, as well as GM's accounting for pension benefits to its own employees... GMAC, the automaker's finance arm, has also been drawn in the SEC investigation at a critical juncture; the automaker is trying to sell a majority stake in GMAC to refill its coffers and to restore the finance company's good credit ratings, which were downgraded along with GM's into junk territory earlier this year. GM says it is cooperating with authorities in their investigation...
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